What is a cold cryptocurrency wallet?
Today, such a method for storing digital assets is recognized as the most secure. We can say that it saves digital currencies offline, even without access to the Internet. All its advantages can be concluded in one main point – the maximum security of cryptocurrencies. There is also a risk of forgetting the PIN or seed. Well, it is recommended to treat your savings as responsibly as possible. In addition, it is worth realizing that operations will take longer than when working with hot counterparts. It is also more difficult for beginners with cold wallets to interact. Experts and experienced users are definitely in favor of combining several types of wallets – both hot and cold. The former are optimal for frequent work and for withdrawing assets, they are operational and easy to work with. Well, the second, as reliable as possible without a Network.
What can be a cold wallet for digital assets?
With this option, the keys and programs are installed on a separate device compatible with the PC. Visually, it resembles a USB flash with one or more buttons, and sometimes with a compact screen. The operation as a whole looks like this: a flash drive is connected to a computer; the computer enters the system, authorization takes place using keys; The user conducts all necessary operations operation of the flash drive is stopped and extracted from the computer. It is hardware models on individual devices that are recognized as the best in terms of security. Even when falling into the hands of fraudsters, such a device will not be open, because an additional password is still needed to start work. Not the most pleasant moment – the cost of devices, which starts from $80. Ledger Nano S Ledger Nano S – recognized as one of the best cold wallets in the modern market. It attracts users with simplicity and compactness. In essence, this cold wallet is a flash drive that connects via a USB port directly to a PC or mobile phone. It supports about a dozen diverse digital assets. The key function of Ledger Nano S is the ability to restore seed. At the moment, you can buy Ledger Nano S for $80- $100. TREZOR Cold wallet for digital assets from Tresor is a pioneer in the company of analogues. Visually, it resembles a miniature calculator with a tiny screen. The security function in the device is performed by a nine-digit pin-code and seed of 24 words. The plastic Trezor is easily synchronized with the Android phone. Current price for this option: from $80 for the first and up to $185 for the new Trezor model with a large Touch Screen display and SD slot. KeepKey This option can rightfully be considered one of the youngest. Although its dimensions are distinguished by their greatness. In the pocket of trousers or jackets, such a model will not be quite convenient to wear. His protection is the same as his analogues – pin-code and seed. Add-On – to confirm each transaction on the screen.
This is the name of all cold wallets installed on the PC. This option will work even on a PC disconnected from the Network. Among the desktop proposals, options are distinguished: thick; thin. The first before the start of work downloads the entire volume of the crypto asset blockchain. After performing the operation, he uploads all the data back to the Network. The entire volume can take hundreds, GB, and therefore it will not fit on a tablet or laptop. The second option is relevant when working with many altcoins on one PC. According to experts, thick types are safer than thin. But thin ones are more reliable than hot ones, where all the content is on the Web. Wallets differ in how many cryptocurrencies they can interact with – one or more. Bitcoin Core is one of the most famous heavy desktop options for saving the oldest cryptocurrency. He does not transmit information to a third party, there is encryption of the “wallet.” The wallet allows you to work even through Tor, and updates come out quite often.
This is one of the first mono-currency wallets that allow you to store and translate tokens created on the basis of ERC-20. In addition, MyEtherWallet is a multifunctional service that provides quick and comfortable interaction with the Ethereum blockchain. It is also appreciated for its convenient interface, reliability and functionality. Exodus This multi-currency wallet exists in mobile and desktop versions. It provides work with more than 100 digital assets and pleases the absence of a commission when withdrawing or replenishing an account. Activation of the account occurs after transfer to the assigned cryptocurrency address. Exodus does not provide a service for the purchase of cryptocurrency for fiat, and therefore, initially it needs to be purchased on another platform. Among the features, users also distinguish “e-mail backup,” when seed of 12 English words is not only shown to the user, but also “flies” to the mail in encrypted form. Coinomi This multi-currency Cold Wallet supports 138 cryptocurrencies and more than 380 tokens. It can be used with both Android and iOS devices. The developers provided for the function of internal exchange. “Wallet” is pleased with the high speed of work and a dynamic approach in calculating commissions. Jaxx This multi-currency option supports more than 60 cryptocurrencies. The keys are located only at the owner of the account, and the creators additionally provided for the function of backing up data.
These are such applications for mobile platforms. The advantage is access to assets and the ability to conduct the operation anywhere and at any time. They have less protection than their counterparts.
It guarantees a high degree of reliability and safety. Paper versions include a regular physical copy of the printed public and private keys, as well as software for creating a pair of keys that are printed. Especially popular is the paper cold bitcoin wallet BitAddress.